Lack of awareness, technologies, and regulations are hurdles the CBD industry is facing. However, they can use Blockchain to streamline the production and consumption of cannabis. This way they can track cannabis from seed-to-sale or till consumption. Blockchain is a transparent traceability solution in the pharmaceutical and food distribution industry. Thus, it’s suited to handle the sizeable amount of data required to track cannabis from seed to sale.
Besides, tracing the source and the production methods is very important. To both CBD market and the pharmaceutical industry. It also makes end-users feel safer about the product they are consuming.
Blockchain can provide a way for cannabis legalization in all countries.
Netherlands CBD Leverage Blockchain technology to boost traceability
A consortium of Dutch CBD producers known as the Cannabinoid Association of the Netherlands (CAN) is now taking advantage of Blockchain technology. They’re using it to boost traceability, accountability, and transparency in the CBD industry.
It recently launched a free-to-use online search tool called CanCheck. org. The tool allows CBD users to track CBD products from seed- to- shelf. Each production link gets approved by the blockchain.
Blockchain tracing will give consumers peace of mind
Consumers have a greater interest in CBD products that meet ethical and ecological standards. However, some CBD manufactures use dubious means to manufacture and sell illegal products.
Although CBD products come with an array of health benefits. Illegal products can have adverse effects like increasing depression and slowing reaction time. Additionally, they weaken the immune system.
Using blockchain will enhance the traceability of production. It will also give consumers peace of mind when selecting CDB products online and offline.
The CAN group understands this. That’s why all their products contain a CAN quality mark. The mark allows customers to trace the product and verify its content via the online search tool.
Once a user enters a CBD product batch number. The online tool avails the test results and seed-to-shelf journey of the product.
This blockchain-based system comprises clear and consistent product analysis undertaken by certified labs. This guarantees the authentic full spectrum composition, contaminants, and CBD levels.
Additionally, the test results include all the cannabinoids found on hemp/cannabis plants, instead of CBD alone.
Apart from traceability and testing. The batch number ensures that the CBD product meets the industry standards. It also checks if the label is correct.
Customer Protection
According to a report by Alphagreen.io, over 8 million CBD users in the UK are now purchasing CBD products. This could cause a 50% market growth by the end of 2020.
The CanCheck online tool is only available in the Netherlands. Also, it can only check CBD products produced by HempFlax.
HempFlax is the founding member of CAN. It’s one of Europe’s biggest industrial hemp products. Also, it’s the top supplier to Jacob Hooy, one of the bestselling CBD brands in the UK.
HempFlax’s CBD products represent a huge part of the United Kingdom CBD market. It’s even found at Holland and Barret online and in-store.
The CAN group targets the UK market, hoping that this tool will help in creating a universal CBD regulatory environment. Hence, helping to support SMEs and protecting consumers.
According to HempFlax CEO Mark Reinders. Blockchain is the perfect instrument to offer customer protection by certifying product quality.
The way forward
When this kind of transparency gets adopted by CBD manufactures across the world. It would help in reshaping the CBD market by providing accountability and trustworthiness.
Reinders added that this move will help shape regulatory dominating Europe CBD markets.
CDB products like CBD oils can reduce stress, anxiety, and depression. These symptoms are common in mental health disorders. They have devastating effects on health and well-being.
Blockchain could help in creating a clear regulatory environment. This could help to shift the CBD market from being dominated by oils and capsules.
It will help in introducing foods fortified with CBD. As a result, providing customers with the health benefits associated with CBD.
According to Brad Garlinghouse Ripple CEO. Governments should view blockchain as a tool to address transparency and settlement.
They can use blockchain to track the origin and supply of illegal cannabis. Hence, stopping their illegal sale and consumption.
The US government can use blockchain technology to improve traceability and food safety.
Also, the cannabis industry can use it to improve CBD legalization worldwide. This is because blockchain makes CBD consumption traceable.
References
https://www.ganjapreneur.com/blockchain-emerging-as-new-traceability-option-for-cannabis/
